Magna International Inc (NYSE:MGA) has updated its FY25 outlook to reflect the acquisition of Veoneer Active Safety.
The company raised the revenue guidance to $46.7 billion – $49.2 billion (from $44.7 billion – $47.2 billion prior), increasing the Power & Vision outlook to $16.8 billion – $17.4 billion (from $14.8 billion – $15.4 billion earlier).
On the other hand, Magna reaffirmed sales outlook for Body Exteriors & Structures at $20.0 billion – $21.0 billion, Seating Systems at $6.2 billion – $6.6 billion, and Complete Vehicles at $4.0 billion – $4.5 billion in FY25.
Also, the company reiterated its adjusted EBIT margin outlook at 6.7% – 7.8% for FY25.
Magna reaffirmed North America’s light vehicle production outlook at 16.5 million units, Europe at 17.5 million units, and China at 29.0 million units.
The company has planned an investor update today.
“We are excited to update investors on our strategic progress and the tremendous opportunities we see in the transforming industry where our addressable markets continue to grow,” said Swamy Kotagiri, Magna CEO.
The company reported second-quarter FY23 sales growth of 17.3% year-on-year to $10.98 billion, beating the analyst consensus of $10.20 billion. Adjusted EPS of $1.50 beat the analyst consensus of $1.25.
Also Read: Magna International Analysts Increase Their Forecasts After Better-Than-Expected Q2 Earnings
Price Action: MGA shares are trading lower by 2.45% at $58.06 on the last check Thursday.
